NEWARK, Del, March 02, 2023 (GLOBE NEWSWIRE) -- In the current year 2023, the net worth of the In Vitro Fertilization Banking Services Market adopted globally stood at US$ 4,310.9 million. As per the FMI market report, the global demand for in vitro fertilization banking services is projected to grow at a 10.5% annual rate until 2033. Further, the global in vitro fertilization banking services market is predicted to reach an overall valuation of US$ 11,652.7 million by the end of this projection period.
In past decades, many countries have faced major reductions in the average number of births per woman. Hence governments and NGOs across the globe encourage women to store their eggs and men to store their sperm in their early 30s. Also, the reduced fertility rate and the substantial rise in male infertility are projected to ensure the growth of the market in the coming years.
Lifestyle disorders, cancer, work pressure, and stress have increased tremendously in the past decade. Frequent cancer treatment or cancer can affect the process and ability to conceive. Most chemotherapy drugs can affect the ability of a woman’s eggs. Hence this has encouraged women to opt for egg banking in order to preserve their fertility.
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According to the CDC's 2019 data Fertility Clinic Success Rates Report, 448 reporting clinics in the United States executed 330,773* ART cycles in 2019, resulting in 77,998 live births and 83,946 new borns. Due to a lack of reimbursement rules, the cost of IVF therapy varies from region to region. The market's growth is being hampered by a lack of insurance coverage and a poor reimbursement scenario in various regions of the world.
Key Takeaways from the In Vitro Fertilization Banking Services Market Study Report
- The United States dominates the North American region with a total market share of over 86.6% in 2022. The United States market is projected to continue experiencing a growth rate of 8.1% throughout the forecast period.
- Meanwhile, the revenue contribution by Canada is poised to reach US$ 277.8 million in North America's in vitro fertilization banking services market by 2033.
- Germany is set to exhibit a CAGR of 7.4% in the European in vitro fertilization banking services market during the forecast period. Europe accounted for 53.5% of the total market share in 2022.
- China is projected to increase at a CAGR rate of 12.7% during the forecast period owing to a significant rise in medical tourism,
- Based on services, the egg banking segment is the leading market share holder of the market. Moreover, over the forecast years, this segment is projected to register a CAGR of 8.9%.
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Competitive Landscape for the In Vitro Fertilization Banking Services Market Players
Cryopoint, MyEggBank, Fairfax Cryo Bank, The World Egg Bank, Cryos International, European Sperm Bank, Seattle Sperm Bank, CCRM´s network, and Boston IVF´s network among others are some of the major players in the global in vitro fertilization banking services market.
Recent Developments by the In Vitro Fertilization Banking Services Providers
- Generate Life Sciences Company based in California expanded its business into Canada by creating a new sperm bank there in Feb 2021.
- Boston IVF, Inc. established a new fertility center in Massachusetts in August 2020 to increase its customer base.
Key Market Segments Covered in In Vitro Fertilization Banking Services Industry Research
By Service type:
- Egg Banking
- Fresh Donor Egg Cycle
- Frozen Donor Egg Cycle
- Sperm Banking
- Sperm Storage Services
- Andrology Services
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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Table of Content:
1. Executive Summary | In Vitro Fertilization Banking Services Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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